Louis Hicks
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RE: Money transfer
Hello HMRC Team, I am a Dual National with British and United States citizenship. I left the United Kingdom in 2011. I have been a resident of the United States for 11 years and have returned to the UK for only short visits over time. I have money that I have put away over the pandemic and I have already been taxed on this money in the United States. I plan in the near future to move back to the United Kingdom. My question is this. I would like to move this money to the UK and need to know if I will need to pay UK taxes or declare it when I do? I will be transferring the money prior to moving to the UK as I close bank accounts and tie up my affairs in the United States. This is money in a bank account and is not in investments or any asset that gains in value. My research shows that, because I have been out of the UK for over 11 consecutive years and have not earned money in the UK for the whole of the 11 years I have been a non-uk resident, I should not have to pay taxes on this money again. Can you help me to clarify this? I plan to use the money to buy a house once I am back and to restart my life in the UK, so it would be a huge benefit if I don't have to pay additional taxes on this money. I understand that the UK and US also have a tax treaty to help with double taxation.